V F CORP 10-Q

ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED). VF CORPORATION Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) September 2025 March 2025 September 2024 ASSETS Current assets Cash and cash equivalents $ 419,115 $ 429,382 $ 492,164 Accounts receivable, less allowance for doubtful accounts of: September 2025 - $ 27,511 ; March 2025 - $ 31,853 ; September 2024 - $ 35,674 1,881,598 1,321,663 1,820,197 Inventories 1,855,895 1,627,025 2,082,918 Other current assets 425,753 408,028 472,595 Current assets held-for-sale 536,507 — — Current assets of discontinued operations — — 1,590,984 Total current assets 5,118,868 3,786,098 6,458,858 Property, plant and equipment, net 688,478 720,879 755,802 Intangible assets, net 1,475,845 1,710,707 1,774,694 Goodwill 620,615 603,386 651,934 Operating lease right-of-use assets 1,347,097 1,262,319 1,313,030 Other assets 1,393,221 1,294,147 1,265,320 TOTAL ASSETS $ 10,644,124 $ 9,377,536 $ 12,219,638 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Short-term borrowings $ 502,145 $ 11,916 $ 463,200 Current portion of long-term debt 583,943 540,579 1,750,097 Accounts payable 1,061,041 789,570 1,134,637 Accrued liabilities 1,541,115 1,355,788 1,486,706 Current liabilities held-for-sale 70,500 — — Current liabilities of discontinued operations — — 147,791 Total current liabilities 3,758,744 2,697,853 4,982,431 Long-term debt 3,544,181 3,425,650 4,028,549 Operating lease liabilities 1,160,858 1,079,182 1,136,605 Other liabilities 702,486 687,492 665,686 Total liabilities 9,166,269 7,890,177 10,813,271 Commitments and contingencies Stockholders’ equity Preferred Stock, par value $ 1 ; shares authorized, 25,000,000 ; no shares outstanding at September 2025, March 2025 or September 2024 — — — Common Stock, stated value $ 0.25 ; shares authorized, 1,200,000,000 ; shares outstanding at September 2025 - 390,712,620 ; March 2025 - 389,695,199 ; September 2024 - 389,283,419 97,678 97,424 97,321 Additional paid-in capital 3,511,265 3,540,686 3,565,198 Accumulated other comprehensive loss ( 1,024,041 ) ( 977,740 ) ( 1,070,580 ) Accumulated deficit ( 1,107,047 ) ( 1,173,011 ) ( 1,185,572 ) Total stockholders’ equity 1,477,855 1,487,359 1,406,367 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,644,124 $ 9,377,536 $ 12,219,638 See notes to consolidated financial statements. 3 VF Corporation Q2 FY26 Form 10-Q Table of Contents VF CORPORATION Consolidated Statements of Operations (Unaudited) Three Months Ended September Six Months Ended September (In thousands, except per share amounts) 2025 2024 2025 2024 Revenues $ 2,802,706 $ 2,757,948 $ 4,563,372 $ 4,527,008 Costs and operating expenses Cost of goods sold 1,340,262 1,317,391 2,151,926 2,180,773 Selling, general and administrative expenses 1,149,824 1,166,654 2,185,435 2,195,352 Total costs and operating expenses 2,490,086 2,484,045 4,337,361 4,376,125 Operating income 312,620 273,903 226,011 150,883 Interest income 3,408 3,678 5,926 7,073 Interest expense ( 49,617 ) ( 46,366 ) ( 93,255 ) ( 90,708 ) Other income (expense), net 1,870 ( 660 ) 3,006 ( 2,146 ) Income from continuing operations before income taxes 268,281 230,555 141,688 65,102 Income tax expense 78,516 28,046 68,331 14,620 Income from continuing operations 189,765 202,509 73,357 50,482 Loss from discontinued operations, net of tax — ( 150,331 ) — ( 257,190 ) Net income (loss) $ 189,765 $ 52,178 $ 73,357 $ ( 206,708 ) Earnings (loss) per common share - basic Continuing operations $ 0.49 $ 0.52 $ 0.19 $ 0.13 Discontinued operations — ( 0.39 ) — ( 0.66 ) Total earnings (loss) per common share - basic $ 0.49 $ 0.13 $ 0.19 $ ( 0.53 ) Earnings (loss) per common share - diluted Continuing operations $ 0.48 $ 0.52 $ 0.19 $ 0.13 Discontinued operations — ( 0.38 ) — ( 0.66 ) Total earnings (loss) per common share - diluted $ 0.48 $ 0.13 $ 0.19 $ ( 0.53 ) Weighted average shares outstanding Basic 390,648 389,044 390,336 388,892 Diluted 393,986 390,945 393,043 390,198 See notes to consolidated financial statements. VF Corporation Q2 FY26 Form 10-Q 4 Table of Contents VF CORPORATION Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended September Six Months Ended September (In thousands) 2025 2024 2025 2024 Net income (loss) $ 189,765 $ 52,178 $ 73,357 $ ( 206,708 ) Other comprehensive income (loss) Foreign currency translation and other Gains (losses) arising during the period ( 5,643 ) ( 4,519 ) 6,326 ( 20,292 ) Income tax effect ( 1,585 ) 22,417 44,008 18,737 Defined benefit pension plans Current period actuarial losses ( 1,174 ) — ( 1,174 ) — Amortization of net deferred actuarial losses 4,874 5,051 9,745 10,097 Amortization of deferred prior service credits ( 158 ) ( 150 ) ( 311 ) ( 294 ) Reclassification of net actuarial loss from settlement charge 341 — 341 — Reclassification of deferred prior service cost due to curtailments — — ( 531 ) — Income tax effect ( 981 ) ( 1,287 ) ( 2,031 ) ( 2,557 ) Derivative financial instruments Gains (losses) arising during the period 20,842 ( 54,435 ) ( 110,448 ) ( 34,414 ) Income tax effect ( 2,663 ) 6,597 19,315 2,361 Reclassification of net (gains) losses realized ( 533 ) 10,685 ( 13,838 ) 24,414 Income tax effect 63 ( 1,312 ) 2,297 ( 4,301 ) Other comprehensive income (loss) 13,383 ( 16,953 ) ( 46,301 ) ( 6,249 ) Comprehensive income (loss) $ 203,148 $ 35,225 $ 27,056 $ ( 212,957 ) See notes to consolidated financial statements. 5 VF Corporation Q2 FY26 Form 10-Q Table of Contents VF CORPORATION Consolidated Statements of Cash Flows (Unaudited) Six Months Ended September (In thousands) 2025 2024 OPERATING ACTIVITIES Net income (loss) $ 73,357 $ ( 206,708 ) Loss from discontinued operations, net of tax — ( 257,190 ) Income from continuing operations, net of tax 73,357 50,482 Adjustments to reconcile net income (loss) to cash used by operating activities: Depreciation and amortization 134,164 126,396 Reduction in the carrying amount of right-of-use assets 172,654 179,206 Stock-based compensation 38,347 30,648 Provision for doubtful accounts 6,452 11,366 Pension expense in excess of (less than) contributions ( 4,258 ) 4,028 Other, net 10,643 ( 31,369 ) Changes in operating assets and liabilities: Accounts receivable ( 619,530 ) ( 553,730 ) Inventories ( 315,748 ) ( 362,748 ) Accounts payable 267,963 328,418 Income taxes ( 9,362 ) ( 72,070 ) Accrued liabilities 71,121 136,881 Operating lease right-of-use assets and liabilities ( 180,590 ) ( 176,754 ) Other assets and liabilities ( 17,681 ) 27,423 Cash used by operating activities - continuing operations ( 372,468 ) ( 301,823 ) Cash provided by operating activities - discontinued operations — 20,052 Cash used by operating activities ( 372,468 ) ( 281,771 ) INVESTING ACTIVITIES Proceeds from sale of assets 905 76,683 Capital expenditures ( 54,763 ) ( 45,953 ) Software purchases ( 25,831 ) ( 25,727 ) Other, net ( 10,376 ) ( 21,424 ) Cash used by investing activities - continuing operations ( 90,065 ) ( 16,421 ) Cash used by investing activities - discontinued operations — ( 4,413 ) Cash used by investing activities ( 90,065 ) ( 20,834 ) FINANCING ACTIVITIES Net increase in short-term borrowings 489,912 199,262 Payments on long-term debt ( 566 ) ( 551 ) Payment of debt issuance costs ( 12,601 ) — Cash dividends paid ( 70,312 ) ( 70,048 ) Proceeds from issuance of Common Stock, net of payments for tax withholdings ( 4,594 ) ( 2,689 ) Cash provided by financing activities 401,839 125,974 Effect of foreign currency rate changes on cash, cash equivalents and restricted cash 64,723 14,304 Net change in cash, cash equivalents and restricted cash 4,029 ( 162,327 ) Cash, cash equivalents and restricted cash – beginning of year 431,475 676,957 Cash, cash equivalents and restricted cash – end of period $ 435,504 $ 514,630 Continued on next page. See notes to consolidated financial statements. VF Corporation Q2 FY26 Form 10-Q 6 Table of Contents VF CORPORATION Consolidated Statements of Cash Flows (Unaudited) Six Months Ended September (In thousands) 2025 2024 Balances per Consolidated Balance Sheets: Cash and cash equivalents $ 419,115 $ 492,164 Other current assets 11,265 2,154 Current assets held-for-sale 5,000 — Current and other assets of discontinued operations — 20,312 Other assets 124 — Total cash, cash equivalents and restricted cash $ 435,504 $ 514,630 See notes to consolidated financial statements. 7 VF Corporation Q2 FY26 Form 10-Q Table of Contents VF CORPORATION Consolidated Statements of Stockholders’ Equity (Unaudited) Three Months Ended September 2025 Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Common Stock (In thousands, except share amounts) Shares Amounts Total Balance, June 2025 390,555,382 $ 97,639 $ 3,527,375 $ ( 1,037,424 ) $ ( 1,295,307 ) $ 1,292,283 Net income (loss) — — — — 189,765 189,765 Dividends on Common Stock ($ 0.09 per share) — — ( 35,162 ) — — ( 35,162 ) Stock-based compensation, net 157,238 39 19,052 — ( 1,505 ) 17,586 Foreign currency translation and other — — — ( 7,228 ) — ( 7,228 ) Defined benefit pension plans — — — 2,902 — 2,902 Derivative financial instruments — — — 17,709 — 17,709 Balance, September 2025 390,712,620 $ 97,678 $ 3,511,265 $ ( 1,024,041 ) $ ( 1,107,047 ) $ 1,477,855 Three Months Ended September 2024 Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Common Stock (In thousands, except share amounts) Shares Amounts Total Balance, June 2024 389,181,642 $ 97,295 $ 3,580,175 $ ( 1,053,627 ) $ ( 1,235,938 ) $ 1,387,905 Net income (loss) — — — — 52,178 52,178 Dividends on Common Stock ($ 0.09 per share) — — ( 35,033 ) — — ( 35,033 ) Stock-based compensation, net 101,777 26 20,056 — ( 1,812 ) 18,270 Foreign currency translation and other — — — 17,898 — 17,898 Defined benefit pension plans — — — 3,614 — 3,614 Derivative financial instruments — — — ( 38,465 ) — ( 38,465 ) Balance, September 2024 389,283,419 $ 97,321 $ 3,565,198 $ ( 1,070,580 ) $ ( 1,185,572 ) $ 1,406,367 Continued on next page. See notes to consolidated financial statements. VF Corporation Q2 FY26 Form 10-Q 8 Table of Contents VF CORPORATION Consolidated Statements of Stockholders’ Equity (Unaudited) Six Months Ended September 2025 Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Common Stock (In thousands, except share amounts) Shares Amounts Total Balance, March 2025 389,695,199 $ 97,424 $ 3,540,686 $ ( 977,740 ) $ ( 1,173,011 ) $ 1,487,359 Net income (loss) — — — — 73,357 73,357 Dividends on Common Stock ($ 0.18 per share) — — ( 70,312 ) — — ( 70,312 ) Stock-based compensation, net 1,017,421 254 40,891 — ( 7,393 ) 33,752 Foreign currency translation and other — — — 50,334 — 50,334 Defined benefit pension plans — — — 6,039 — 6,039 Derivative financial instruments — — — ( 102,674 ) — ( 102,674 ) Balance, September 2025 390,712,620 $ 97,678 $ 3,511,265 $ ( 1,024,041 ) $ ( 1,107,047 ) $ 1,477,855 Six Months Ended September 2024 Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Common Stock (In thousands, except share amounts) Shares Amounts Total Balance, March 2024 388,836,219 $ 97,209 $ 3,600,071 $ ( 1,064,331 ) $ ( 974,584 ) $ 1,658,365 Net income (loss) — — — — ( 206,708 ) ( 206,708 ) Dividends on Common Stock ($ 0.18 per share) — — ( 70,048 ) — — ( 70,048 ) Stock-based compensation, net 447,200 112 35,175 — ( 4,280 ) 31,007 Foreign currency translation and other — — — ( 1,555 ) — ( 1,555 ) Defined benefit pension plans — — — 7,246 — 7,246 Derivative financial instruments — — — ( 11,940 ) — ( 11,940 ) Balance, September 2024 389,283,419 $ 97,321 $ 3,565,198 $ ( 1,070,580 ) $ ( 1,185,572 ) $ 1,406,367 See notes to consolidated financial statements. 9 VF Corporation Q2 FY26 Form 10-Q Table of Contents VF CORPORATION Notes to Consolidated Financial Statements (Unaudited) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PAGE NUMBER NOTE 1 Basis of Presentation 11 NOTE 2 Recently Issued Accounting Standards 12 NOTE 3 Revenues 12 NOTE 4 Assets Held-for-Sale and Discontinued Operations 14 NOTE 5 Inventories 17 NOTE 6 Intangible Assets 17 NOTE 7 Goodwill 17 NOTE 8 Leases 18 NOTE 9 Short-term Borrowings 18 NOTE 10 Supply Chain Financing Program 19 NOTE 11 Pension Plans 19 NOTE 12 Capital and Accumulated Other Comprehensive Loss 19 NOTE 13 Stock-based Compensation 21 NOTE 14 Income Taxes 22 NOTE 15 Reportable Segment Information 22 NOTE 16 Earnings Per Share 26 NOTE 17 Fair Value Measurements 26 NOTE 18 Derivative Financial Instruments and Hedging Activities 28 NOTE 19 Restructuring 30 NOTE 20 Contingencies 31 NOTE 21 Subsequent Event 31 VF Corporation Q2 FY26 Form 10-Q 10 Table of Contents NOTE 1 — BASIS OF PRESENTATION Fiscal Year VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 30, 2025 through March 28, 2026 (“Fiscal 2026”). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2026. For presentation purposes herein, all references to periods ended September 2025 and September 2024 relate to the fiscal periods ended on September 27, 2025 and September 28, 2024, respectively. References to March 2025 relate to information as of March 29, 2025. Basis of Presentation On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies ® brand business ("Dickies"). The Company determined that the associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2025 Consolidated Balance Sheet. Refer to Note 4 for additional information on the planned divestiture. In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland ® brand is managed and the chief operating decision maker's ("CODM") key areas of focus. VF began managing its Timberland ® and Timberland PRO ® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face ® brand in the Outdoor reportable segment and the Vans ® , Kipling ® , Eastpak ® and Jansport ® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an "All Other" category. This group includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands. Reportable segment results for all prior periods presented within these notes to the interim consolidated financial statements have been recast to reflect the change in reportable segments. These changes had no impact on previously reported consolidated results of operations. Refer to Note 15 for additional information on VF's reportable segments. On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with EssilorLuxottica S.A. to sell the Supreme ® brand business ("Supreme"). On October 1, 2024, VF completed the sale of Supreme. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale. These changes have been applied to all periods presented. Unless otherwise noted, discussion within these notes to the interim consolidated financial statements relates to continuing operations. Refer to Note 4 for additional information on discontinued operations. Certain prior year amounts have been reclassified to conform to the Fiscal 2026 presentation. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. Similarly, the March 2025 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and six months ended September 2025 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2026. For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended March 29, 2025 (“Fiscal 2025 Form 10-K”). Use of Estimates In preparing the interim consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the interim consolidated financial statements and accompanying notes. Actual results may differ from those estimates due to risks and uncertainties, including the impact of the imposed reciprocal tariffs on foreign imports by the U.S. government. The high level of uncertainty regarding these tariffs may result in estimates and assumptions that have the potential for more variability and are more subjective, including those applied in the Company's forecasted results of operations and cash flows, which are used in the determination of fair value for goodwill and indefinite-lived intangible asset impairment testing. While estimates and assumptions made by management are based upon currently available information, actual results could materially differ given the uncertainty of these factors and may require future changes to such estimates and assumptions. 11 VF Corporation Q2 FY26 Form 10-Q Table of Contents NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, " Income Taxes (Topic 740): Improvements to Income Tax Disclosures" , which is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The rate reconciliation disclosures will require specific categories and additional information for reconciling items that meet a quantitative threshold. The income taxes paid disclosures will require disaggregation by individual jurisdictions that are greater than 5% of total income taxes paid. The guidance will be effective for annual disclosures beginning in Fiscal 2026. Early adoption is permitted. The amendments are required to be applied on a prospective basis; however, retrospective application is permitted. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures. In November 2024, the FASB issued ASU No. 2024-03, " Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" , which is intended to enhance expense disclosures by requiring additional disaggregation of certain costs and expenses, on an interim and annual basis, within the footnotes to the financial statements. The guidance will be effective for annual disclosures beginning in Fiscal 2028 and subsequent interim periods. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" , which updates the accounting for internal-use software by replacing former stage-based rules with a principles-based framework. Entities will now capitalize costs associated with internal-use software only when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the intended function. The amendments are effective for interim and annual periods beginning in Fiscal 2029, with early adoption permitted. The guidance can be applied using a prospective, retrospective or modified transition approach. The Company is evaluating the impact that adopting this guidance will have on its consolidated financial statements and related disclosures. NOTE 3 — REVENUES Contract Balances The following table provides information about contract assets and contract liabilities: (In thousands) September 2025 March 2025 September 2024 Contract assets (a) $ 2,356 $ 2,448 $ 4,392 Contract liabilities (b) 66,714 78,421 66,693 (a) Included in the other current assets line item in the Consolidated Balance Sheets. (b) Included in the accrued liabilities line item in the Consolidated Balance Sheets. For the three and six months ended September 2025, the Company recognized $ 47.3 million a nd $ 100.6 million, res pectively, of revenue that was included in the contract liability balance during the period, including amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied within the same period, such as order deposits from customers. The change in the contract asset and contract liability balances primarily results from timing differences between the Company's satisfaction of performance obligations and the customer's payment. Performance Obligations As of September 2025, the Company expects to recognize $ 51.2 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and exp ects such amounts to be recognized over time based on the contractual terms thro ugh March 2031. The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption. VF has also elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less. As of September 2025, there were no arrange ments with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above. VF Corporation Q2 FY26 Form 10-Q 12 Table of Contents Disaggregation of Revenues The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors. Three Months Ended September 2025 (a) (In thousands) Outdoor Active All Other (b) Total Channel revenues Wholesale $ 1,205,106 $ 378,142 $ 293,699 $ 1,876,947 Direct-to-consumer 455,075 376,800 77,986 909,861 Royalty 3,298 5,808 6,792 15,898 Total $ 1,663,479 $ 760,750 $ 378,477 $ 2,802,706 Geographic revenues Americas $ 695,600 $ 435,413 $ 212,479 $ 1,343,492 Europe 667,700 261,440 143,515 1,072,655 Asia-Pacific 300,179 63,897 22,483 386,559 Total $ 1,663,479 $ 760,750 $ 378,477 $ 2,802,706 Three Months Ended September 2024 (a) (In thousands) Outdoor Active All Other (b) Total Channel revenues Wholesale $ 1,136,994 $ 404,180 $ 286,622 $ 1,827,796 Direct-to-consumer 426,748 413,712 74,477 914,937 Royalty 2,980 6,644 5,591 15,215 Total $ 1,566,722 $ 824,536 $ 366,690 $ 2,757,948 Geographic revenues Americas $ 664,416 $ 482,634 $ 208,808 $ 1,355,858 Europe 609,526 267,807 132,222 1,009,555 Asia-Pacific 292,780 74,095 25,660 392,535 Total $ 1,566,722 $ 824,536 $ 366,690 $ 2,757,948 Six Months Ended September 2025 (a) (In thousands) Outdoor Active All Other (b) Total Channel revenues Wholesale $ 1,661,937 $ 770,565 $ 468,951 $ 2,901,453 Direct-to-consumer 807,285 677,829 145,410 1,630,524 Royalty 6,723 12,043 12,629 31,395 Total $ 2,475,945 $ 1,460,437 $ 626,990 $ 4,563,372 Geographic revenues Americas $ 1,068,447 $ 839,448 $ 373,195 $ 2,281,090 Europe 940,544 474,947 208,427 1,623,918 Asia-Pacific 466,954 146,042 45,368 658,364 Total $ 2,475,945 $ 1,460,437 $ 626,990 $ 4,563,372 13 VF Corporation Q2 FY26 Form 10-Q Table of Contents Six Months Ended September 2024 (a) (In thousands) Outdoor Active All Other (b) Total Channel revenues Wholesale $ 1,563,998 $ 822,241 $ 455,330 $ 2,841,569 Direct-to-consumer 750,235 765,467 140,190 1,655,892 Royalty 6,119 13,562 9,866 29,547 Total $ 2,320,352 $ 1,601,270 $ 605,386 $ 4,527,008 Geographic revenues Americas $ 1,028,096 $ 940,290 $ 363,171 $ 2,331,557 Europe 854,488 490,276 197,127 1,541,891 Asia-Pacific 437,768 170,704 45,088 653,560 Total $ 2,320,352 $ 1,601,270 $ 605,386 $ 4,527,008 (a) In the first quarter of Fiscal 2026 , VF realigned its reportable segments. The three and six months ended September 2024 have been recast to reflect this change. Refer to Note 15 for additional information regarding the Company's reportable segments. (b) "All Other" is included for purposes of reconciliation of revenues, but it is not considered a reportable segment. "All Other" includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands. NOTE 4 — ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS The Company continuously assesses the composition of its portfolio to ensure it is aligned with its strategic objectives and positioned to maximize growth and return to shareholders. Assets Held-for-Sale Dickies On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell Dickies for $ 600.0 million in cash, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses. The Company determined that the associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2025 Consolidated Balance Sheet. The Company determined that the planned sale of Dickies does not represent a strategic shift that will have a major effect on the Company's operations and financial results, and therefore does not qualify for presentation as a discontinued operation. The results of operations for Dickies are included within the "All Other" category in Note 15, Reportable Segment Information . The carrying value of the assets and liabilities classified as held-for-sale is expected to be lower than the fair value, less estimated costs to sell. Therefore, VF expects to record a pre-tax gain in the third quarter of Fiscal 2026 in connection with the closing of the transaction, subject to customary adjustment based on the terms of the agreement. VF Corporation Q2 FY26 Form 10-Q 14 Table of Contents Summarized Held-for-Sale Financial Information The following table presents the assets and liabilities of Dickies at September 2025: (In thousands) September 2025 Cash and cash equivalents $ 5,000 Accounts receivable, net 104,972 Inventories 140,842 Other current assets 11,346 Property, plant and equipment, net 27,530 Intangible assets, net 244,503 Goodwill (a) — Operating lease right-of-use assets 1,092 Other assets 1,222 Total assets held-for-sale $ 536,507 Current portion of long-term debt $ 1,027 Accounts payable 24,243 Accrued liabilities 30,584 Long-term debt 13,457 Operating lease liabilities 679 Other liabilities 510 Total liabilities held-for-sale $ 70,500 (a) The Dickies reporting unit goodwill was fully impaired as of the third quarter of Fiscal 2024, and accumulated impairment charges were $ 61.8 million. Discontinued Operations Supreme On July 16, 2024, VF entered into a Purchase Agreement with EssilorLuxottica S.A. to sell Supreme for an aggregate base purchase price of $ 1.500 billion, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses as more fully set forth in the Purchase Agreement. On October 1, 2024, VF completed the sale of Supreme. VF received proceeds of $ 1.506 billion, net of cash sold, resulting in a final after-tax loss on sale of $ 126.6 million, of which an estimated after-tax loss of $ 124.8 million was included in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the three and six months ended September 2024 . VF used a portion of the net cash proceeds to prepay $ 1.0 billion of its delayed draw Term Loan ("DDTL") pursuant to the terms of the DDTL Agreement, as amended, which required repayment within ten business days of VF’s receipt of the net cash proceeds from the sale of Supreme, and to repay $ 450.0 million of commercial paper borrowings upon maturity during the third quarter of Fiscal 2025. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale. These changes have been applied to all periods presented. The results of Supreme were previously reported in the Active segment. The results of Supreme recorded in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations were losses of $ 150.3 million (including an after-tax estimated loss on sale of $ 124.8 million) and $ 257.2 million (including an after-tax estimated loss on sale of $ 124.8 million and goodwill and intangible asset impairment charges of $ 145.0 million) for the three and six months ended September 2024, respectively . During the first quarter of Fiscal 2025, VF determined that a triggering event had occurred requiring impairment testing of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset. As a result of the impairment testing performed, VF recorded impairment charges of $ 94.0 million and $ 51.0 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively. Under the terms of a transition services agreement, the Company provided certain post-closing accounting, tax, treasury, digital technology, supply chain and human resource services on a transitional basis for periods generally up to 12 months from the closing date of the transaction. Certain corporate overhead costs and segment costs previously allocated to the Supreme brand for segment reporting purposes did not qualify for classification within discontinued operations and have been allocated to continuing operations. In addition, interest expense and the related interest rate swap impact for the DDTL were allocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme. 15 VF Corporation Q2 FY26 Form 10-Q Table of Contents Summarized Discontinued Operations Financial Information The following table summarizes the major line items for Supreme that are included in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations: Three Months Ended September Six Months Ended September (In thousands) 2025 (a) 2024 2025 (a) 2024 Revenues $ — $ 101,253 $ — $ 239,494 Cost of goods sold — 41,688 — 93,949 Selling, general and administrative expenses — 50,700 — 108,553 Impairment of goodwill and intangible assets — — — 145,000 Interest expense, net (b) — ( 16,037 ) — ( 30,767 ) Other income (expense), net — 447 — ( 17 ) Loss from discontinued operations before income taxes — ( 6,725 ) — ( 138,792 ) Estimated loss on the sale of discontinued operations before income taxes — ( 132,538 ) — ( 132,538 ) Total loss from discontinued operations before income taxes — ( 139,263 ) — ( 271,330 ) Income tax expense (benefit) — 11,068 — ( 14,140 ) Loss from discontinued operations, net of tax $ — $ ( 150,331 ) $ — $ ( 257,190 ) (a) There was no activity during the three and six months ended September 2025 . (b) As noted above, interest expense and the related interest rate swap im pact for the DDTL were alloc ated to discontinued operations. The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations as of September 2024 . (In thousands) September 2024 Cash and cash equivalents $ 20,188 Accounts receivable, net 13,066 Inventories 89,779 Other current assets 18,910 Property, plant and equipment, net 36,166 Intangible assets, net 801,000 Goodwill 724,800 Operating lease right-of-use assets 86,465 Other assets 19,157 Deferred income tax assets (a) ( 86,009 ) Allowance to reduce assets to estimated fair value, less costs to sell ( 132,538 ) Total assets of discontinued operations $ 1,590,984 Accounts payable $ 27,665 Accrued liabilities 38,872 Operating lease liabilities 78,723 Other liabilities 2,531 Total liabilities of discontinued operations $ 147,791 (a) Deferred income tax balances reflect VF’s consolidated netting by jurisdiction. VF Corporation Q2 FY26 Form 10-Q 16 Table of Contents NOTE 5 — INVENTORIES (In thousands) September 2025 March 2025 September 2024 Finished products $ 1,815,846 $ 1,588,124 $ 2,046,494 Work-in-process 39,933 38,808 36,324 Raw materials 116 93 100 Total inventories $ 1,855,895 $ 1,627,025 $ 2,082,918 NOTE 6 — INTANGIBLE ASSETS September 2025 March 2025 (In thousands) Weighted Average Amortization Period Amortization Method Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships and other 20 years Accelerated $ 250,835 $ 199,314 $ 51,521 $ 61,822 Indefinite-lived intangible assets: Trademarks and trade names 1,424,324 1,648,885 Intangible assets, net $ 1,475,845 $ 1,710,707 During the three months ended September 2025, the Company reclassified intangible assets of $ 244.5 million to assets held-for-sale related to the planned divestiture of Dickies. Refer to Note 4 for additional information regarding the planned divestiture. Amortization expense for the three and six months ended September 2025 was $ 3.1 million and $ 6.3 million, respectively. Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years beginning in Fiscal 2026 is $ 11.8 million, $ 10.6 million, $ 9.9 million, $ 9.0 million and $ 7.0 million, respectively. NOTE 7 — GOODWILL Changes in goodwill are summarized by reportable segment and the "All Other" category as follows: (In thousands) Outdoor Active All Other (a) Total Balance, March 2025 $ 102,146 $ 328,449 $ 172,791 $ 603,386 Foreign currency translation 117 12,419 4,693 17,229 Balance, September 2025 $ 102,263 $ 340,868 $ 177,484 $ 620,615 (a) "All Other" is included for purposes of reconciliation of goodwill, but it is not considered a reportable segment. In connection with the realignment of the Company's segment reporting structure, the Company allocated goodwill related to Timberland PRO to the Timberland reporting unit as of the first day of the first quarter of Fiscal 2026. As a result of the change in reportable segments, the Company performed impairment assessments both before and after the segment change became effective, and no impairment of goodwill was identified. Balances as of March 2025 have been retrospectively adjusted to reflect the reallocation. Refer to Note 15 for additional information regarding the Company's reportable segments. Accum ulated impairm ent charges for the Outdoor reportable segment were $ 730.2 million as of September 2025 and March 2025. Accumulated impairment charges for the "All Other" category were $ 77.0 million and $ 138.8 million as of September 2025 and March 2025, respectively. During the three months ended September 2025, a ccumulated goodwill impairment charges related to Dickies of $ 61.8 million, which were p reviously included in the "All Other" category, were reclassified to assets held-for-sale due to the planned divestiture of Dickies. The Dickies reporting unit goodwill was fully impaired as of the third quarter of Fiscal 2024. Refer to Note 4 for additional information regarding the planned divestiture. No impai rment charges were recorded during the six months ended September 2025 . 17 VF Corporation Q2 FY26 Form 10-Q Table of Contents NOTE 8 — LEASES The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. The substantial majority of these leases are operating leases. Total lease cost includes operating lease cost, variable lease cost, finance lease cost, short-term lease co st a nd gains recognized from sale leaseback transactions. The components of lease cost were as follows: Three Months Ended September Six Months Ended September (In thousands) 2025 2024 2025 2024 Operating lease cost $ 103,037 $ 103,942 $ 201,465 $ 204,553 Other lease cost 32,292 30,863 67,205 53,110 Total lease cost $ 135,329 $ 134,805 $ 268,670 $ 257,663 During the six months ended September 2024, the Company entered int o a sale leaseback transaction for certain warehouse real estate and related assets. The transaction qualified as a sale, and thus the Company reco gnized a ga in of $ 15.5 million in the selling, general and administrative ("SG&A") expenses line item in VF's Consolidated Statement of Operations for the six months ended September 2024. During the six months ended September 2025 and 2024, the Company paid $ 207.8 million and $ 211.8 million for operating leases, respectively. During the six months ended September 2025 and 2024, the Company obtained $ 223.8 million and $ 227.9 million of right-of-use assets in exchange for lease liabilities, respectively. NOTE 9 — SHORT-TERM BORROWINGS ABL Credit Facility On August 26, 2025, VF entered into a credit agreement that provides the Company with a $ 1.5 billion senior secured asset based revolving credit facility (the "ABL Credit Facility"), subject to a borrowing base that is composed of eligible credit card receivables, eligible wholesale receivables, eligible inventory and eligible in-transit inventory. The ABL Credit Facility includes up to a $ 100.0 million letter of credit subfacility and a $ 100.0 million swing-line subfacility. The ABL Credit Facility includes up to a $ 400.0 million subfacility for borrowings by borrowers formed in Switzerland and Germany, with the German sublimit capped at $ 75.0 million, subject to a borrowing base composed of eligible wholesale receivables, eligible inventory, and eligible in-transit inventory for the Swiss borrowings and composed of eligible wholesale receivables for the German borrowings. The ABL Credit Facility has a stated maturity date of August 26, 2030 and replaces VF's previous $ 2.25 billion senior unsecured revolving line of credit, dated November 24, 2021 (as amended, the "Terminated Agreement"). The ABL Credit Facility includes an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the size of the facility up to a maximum of $ 2.0 billion, subject to the terms and conditions of the credit agreement. Borrowings under the ABL Credit Facility may be used (i) to refinance the Company’s existing indebtedness owed under the Terminated Agreement, (ii) to fund fees and expenses associated with the ABL Credit Facility, and (iii) for working capital and general corporate purposes. Multicurrency borrowings are available under the credit agreement, including borrowings in U.S. dollars, Canadian dollars, euros, sterling, and Swiss francs (subject to certain limitations as set forth in the credit agreement). Borrowings under the credit agreement bear interest at a rate per annum based on the currency borrowed and borrowing type (swing loan, base rate loan or benchmark/term rate loan), plus the applicable margin (ranging from 0.50 % to 2.00 % based on borrowing type and average Global Excess Availability, as set forth in the credit agreement). The applicable margin is subject to a one-time permanent 0.25 % reduction if VF achieves a Leverage Ratio (as defined in the credit agreement) of less than 4.00 to 1.00 for any period of four consecutive fiscal quarter periods ending after the closing date. In addition to paying interest on the outstanding principal, the Company is required to pay a commitment fee on the unutilized commitments under the ABL Credit Facility. The commitment fee is between 0.25 % and 0.375 % depending on the usage of the ABL Credit Facility relative to the maximum principal amount. VF is also required to pay letter of credit fees, as detailed in the credit agreement. The ABL Credit Facility contains various customary affirmative and negative covenants, which include, among other things, required financial reporting, limitations on indebtedness and granting certain liens, restrictions on fundamental changes to the business, restrictions on disposal of assets, restrictions on changes to the nature of the business, restrictions on prepayment of certain indebtedness, restricted payment limitations, along with other restrictions and limitations similar to those typical for credit facilities of this type. Certain actions restricted by the negative covenants are permitted so long as Payment Conditions, as defined in the credit agreement, are satisfied. The ABL Credit Facility includes a financial covenant that requires VF to maintain a Fixed Charge Coverage Ratio of at least 1.00 to 1.00 for the 12 -month period ending on the last day of any applicable fiscal quarter. However, the financial covenant only applies if at any time Global Excess Availability (as defined in the credit agreement) is less than the greater of (i) 10.0 % of the Global Line Cap (as defined in the credit agreement), and (ii) $ 100.0 million, and ceases to apply when Global Excess Availability has equaled or exceeded the greater of (i) 10.0 % of the Global Line Cap, and (ii) $ 100.0 million for 30 consecutive days. As of September 2025, specified availability under the ABL Credit Facility exceeded the required threshold and, as a result, the financial covenant was not applicable. VF Corporation Q2 FY26 Form 10-Q 18 Table of Contents The Company was in compliance with all applicable debt covenants as of September 2025. As of September 2025, the Company had $ 491.3 million of outstanding borrowings under the ABL Credit Facility, with a weighted average interest rate of 5.4 %. Reserves for outstanding, unfunded letters of credit under the ABL Credit Facility were $ 0.6 million as of September 2025. Availability under the ABL Credit Facility was $ 994.6 million as of September 2025, after giving effect to the borrowing base, outstanding borrowings and outstanding letters of credit. NOTE 10 — SUPPLY CHAIN FINANCING PROGRAM VF facilitates a voluntary supply chain finance ("SCF") program that enables a significant portion of our inventory suppliers to leverage VF's credit rating to receive payment from participating financial institutions prior to the payment date specified in the terms between VF and the supplier. At September 2025, March 2025 and September 2024, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligatio ns of $ 696.6 million, $ 481.7 million and $ 804.9 million, respectively, due to suppliers that are eligible to participate in the SCF program. NOTE 11 — PENSION PLANS The components of pension cost for VF’s defined benefit plans were as follows: Three Months Ended September Six Months Ended September (In thousands) 2025 2024 2025 2024 Service cost – benefits earned during the period $ 2,593 $ 2,498 $ 5,106 $ 4,906 Interest cost on projected benefit obligations 11,178 11,715 22,325 23,395 Expected return on plan assets ( 15,039 ) ( 15,334 ) ( 30,046 ) ( 30,630 ) Settlement charge 341 — 341 — Curtailments — — ( 531 ) — Amortization of deferred amounts: Net deferred actuarial losses 4,874 5,051 9,745 10,097 Deferred prior service credits ( 158 ) ( 150 ) ( 311 ) ( 294 ) Net periodic pension cost $ 3,789 $ 3,780 $ 6,629 $ 7,474 VF has reported the service cost component of net periodic pension cost i n operating income an d the other components, which include interest cost, expected return on plan assets, settlement charges, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations. VF contributed $ 10.9 million to its defined benefit plans during the six months ended September 2025, and intends to make approximately $ 6.0 million of contributions during the remainder of Fiscal 2026. VF recorded a $ 0.3 million settlement charge in the other income (expense), net line item in the Consolidated Statements of Operations for the three and six months ended September 2025. The settlement charge related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the supplemental defined benefit pension plan. Actuarial assumptions used in the interim valuation were reviewed and revised as appropriate. VF recorded $ 0.5 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the six months ended September 2025, related to employee exits from an international plan resulting from restructuring actions. In May 2025 VF executed a resolution to terminate the U.S. qualified plan, which is frozen and no longer accrues benefits. As of September 2025, the fair value of the plan's assets exceeded its benefit obligation. The termination of the plan was effective July 31, 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in Fiscal 2026. VF's settlement obligations and related charges will depend upon both the nature and timing of participant settlements and prevailing market conditions. VF currently estimates non-cash settlement charges to be between $ 200.0 and $ 300.0 million. NOTE 12 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock During the six months ended September 2025, the Comp any did no t purcha se shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors. These are treated as treasury stock transactions when shares are repurchased. Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of September 2025, March 2025 or September 2024. The excess of the cost of t reasury shares acquired over the $ 0.25 per share stated value of Common Stock is deducted from retained earnings (accumulated deficit). 19 VF Corporation Q2 FY26 Form 10-Q Table of Contents Accumulated Other Comprehensive Loss Comprehensive income (loss) c onsists of net income (loss) an d specified com ponents of other comprehensive income (loss), w hich relate to changes in assets and liabilities that are not included in ne t income (loss) u nder GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensi ve Income (Loss). T he deferred components o f other comprehensive income (loss) are reported, net of related income taxes, in accumulated other comprehensive loss ("OCL") in sto ckholders’ equity, as follows: (In thousands) September 2025 March 2025 September 2024 Foreign currency translation and other $ ( 770,855 ) $ ( 821,189 ) $ ( 869,994 ) Defined benefit pension plans ( 174,008 ) ( 180,047 ) ( 175,087 ) Derivative financial instruments ( 79,178 ) 23,496 ( 25,499 ) Accumulated other comprehensive loss $ ( 1,024,041 ) $ ( 977,740 ) $ ( 1,070,580 ) The changes in accumulated OCL, net of rela ted taxes, were as follows: Three Months Ended September 2025 (In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total Balance, June 2025 $ ( 763,627 ) $ ( 176,910 ) $ ( 96,887 ) $ ( 1,037,424 ) Other comprehensive income (loss) before reclassifications ( 7,228 ) ( 865 ) 18,179 10,086 Amounts reclassified from accumulated other comprehensive loss — 3,767 ( 470 ) 3,297 Net other comprehensive income (loss) ( 7,228 ) 2,902 17,709 13,383 Balance, September 2025 $ ( 770,855 ) $ ( 174,008 ) $ ( 79,178 ) $ ( 1,024,041 ) Three Months Ended September 2024 (In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total Balance, June 2024 $ ( 887,892 ) $ ( 178,701 ) $ 12,966 $ ( 1,053,627 ) Other comprehensive income (loss) before reclassifications 17,898 ( 26 ) ( 47,838 ) ( 29,966 ) Amounts reclassified from accumulated other comprehensive loss — 3,640 9,373 13,013 Net other comprehensive income (loss) 17,898 3,614 ( 38,465 ) ( 16,953 ) Balance, September 2024 $ ( 869,994 ) $ ( 175,087 ) $ ( 25,499 ) $ ( 1,070,580 ) Six Months Ended September 2025 (In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total Balance, March 2025 $ ( 821,189 ) $ ( 180,047 ) $ 23,496 $ ( 977,740 ) Other comprehensive income (loss) before reclassifications 50,334 ( 855 ) ( 91,133 ) ( 41,654 ) Amounts reclassified from accumulated other comprehensive loss — 6,894 ( 11,541 ) ( 4,647 ) Net other comprehensive income (loss) 50,334 6,039 ( 102,674 ) ( 46,301 ) Balance, September 2025 $ ( 770,855 ) $ ( 174,008 ) $ ( 79,178 ) $ ( 1,024,041 ) VF Corporation Q2 FY26 Form 10-Q 20 Table of Contents Six Months Ended September 2024 (In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total Balance, March 2024 $ ( 868,439 ) $ ( 182,333 ) $ ( 13,559 ) $ ( 1,064,331 ) Other comprehensive loss before reclassifications ( 1,555 ) ( 36 ) ( 32,053 ) ( 33,644 ) Amounts reclassified from accumulated other comprehensive loss — 7,282 20,113 27,395 Net other comprehensive income (loss) ( 1,555 ) 7,246 ( 11,940 ) ( 6,249 ) Balance, September 2024 $ ( 869,994 ) $ ( 175,087 ) $ ( 25,499 ) $ ( 1,070,580 ) Reclassifications out of accumulated OCL were as follows: (In thousands) Three Months Ended September Six Months Ended September Details About Accumulated Other Comprehensive Loss Components Affected Line Item in the Consolidated Statements of Operations 2025 2024 2025 2024 Amortization of defined benefit pension plans: Net deferred actuarial losses Other income (expense), net $ ( 4,874 ) $ ( 5,051 ) $ ( 9,745 ) $ ( 10,097 ) Deferred prior service credits Other income (expense), net 158 150 311 294 Pension settlement charge Other income (expense), net ( 341 ) — ( 341 ) — Pension curtailment gains Other income (expense), net — — 531 — Total before tax ( 5,057 ) ( 4,901 ) ( 9,244 ) ( 9,803 ) Income tax effect 1,290 1,261 2,350 2,521 Net of tax ( 3,767 ) ( 3,640 ) ( 6,894 ) ( 7,282 ) Gains (losses) on derivative financial instruments: Foreign exchange contracts Revenues 545 ( 7,851 ) ( 1,426 ) ( 12,182 ) Foreign exchange contracts Cost of goods sold ( 863 ) ( 4,001 ) 14,171 ( 14,127 ) Foreign exchange contracts SG&A expenses ( 250 ) ( 47 ) ( 511 ) ( 455 ) Foreign exchange contracts Other income (expense), net 1,074 53 1,550 ( 3 ) Interest rate contracts Interest expense 27 27 54 54 Interest rate contracts Loss from discontinued operations, net of tax — 1,134 — 2,299 Total before tax 533 ( 10,685 ) 13,838 ( 24,414 ) Income tax effect ( 63 ) 1,312 ( 2,297 ) 4,301 Net of tax 470 ( 9,373 ) 11,541 ( 20,113 ) Total reclassifications for the period, net of tax $ ( 3,297 ) $ ( 13,013 ) $ 4,647 $ ( 27,395 ) NOTE 13 — STOCK-BASED COMPENSATION Incentive Equity Awards Granted During the three months ended September 2025, VF granted 516,605 performance-based restricted stock units ("RSUs") with a market condition to the Chief Executive Officer ("CEO") that enables him to receive shares of VF Common Stock at the end of a performance cycle that goes through Fiscal 2028. Each performance-based RSU has a potential final payout of either zero or one share of VF Common Stock. The number of shares earned by the CEO, if any, is based on achievement of an operating income percentage for Fiscal 2028 and a VF stock price target during the performance period. The targets for both were set by the Talent and Compensation Committee of the Board of Directors. Shares will be issued to the CEO following the conclusion of the performance period, subject to completion of a one-year holding period. The grant date fair value of the award incorporated achievement of the stock price target using a Monte Carlo simulation technique that incorporates option-pricing model inputs and was $ 5.10 per share. The grant date fair value is being recognized over the service period so long as achievement of the operating income percentage target is probable. During the six months ended September 2025, VF granted 1,474,178 RSUs to executives that enable them to receive shares of VF Common Stock over a five-year vesting period. The fair market value of VF Common Stock at the date the units were granted was $ 12.55 per share. These units vest 25 % on the second, third, fourth and fifth anniversaries of the grant date. The number of units paid for the portion of the RSUs that vest on 21 VF Corporation Q2 FY26 Form 10-Q Table of Contents the fifth anniversary of the grant date are subject to relative total shareholder return ("TSR") targets set by the Talent and Compensation Committee of the Board of Directors, and will be paid in full or decreased to zero, based on how VF's TSR over the five-year period compares to the TSR for companies included in the Standard & Poor's 600 Consumer Discretionary Sector Index. The grant date fair value of the TSR-based adjustment related to the RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $ 9.09 per share. During the six months ended September 2025, VF granted 146,135 nonperformance-based stock units to nonemployee members of the Board of Directors. These units vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant. The fair market value of VF Common Stock at the date the units were granted was $ 12.55 per share. In addition, VF granted 4,442,776 nonperformance-based RSUs to employees and executives during the six months ended September 2025. These units generally vest over periods up to four years from the date of grant and each unit entitles the holder to one share of VF Common Stock. The weighted average fair market value of VF Common Stock at the dates the units were granted was $ 12.54 per share. NOTE 14 — INCOME TAXES The effective income tax rate for the six months ended September 2025 was 48.2 % compared t o 22.5 % in the 2024 period. The six months ended September 2025 included a net discrete tax expense of $ 2.5 million, which was comprised primarily of a $ 5.6 million tax expense related to stock compensation and a $ 3.1 million net tax benefit related to unrecognized tax benefits and interest. Excluding the $ 2.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 46.5 %. The six months ended September 2024 included a net discrete tax benefit of $ 5.8 million, w hich was comprised primarily of a $ 9.5 million net tax benefit related to unrecognized tax benefits and interest an d a $ 5.3 million tax expense related to stock compensation. Excluding the $ 5.8 million net discrete tax benefit in the 2024 period, the effective income tax rate would have been 31.4 %. Without discrete items, the effective income tax rate for the six months ended September 2025 increased by 15.1 % compared with the 2024 period primarily due to an increase in tax rates on foreign earnings. VF files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous state and international jurisdictions. In the U.S., the Internal Revenue Service ("IRS") examinations for tax years through 2015 have been effectively settled. In addition, VF is currently subject to examination by various state and international tax authorities. Management regularly assesses the potential outcomes of both ongoing and future examinations for the current and prior years and has concluded that VF’s provision for income taxes is adequate. The outcome of any one examination is not expected to have a material impact on VF’s consolidated financial statements. Management believes that some of these audits and negotiations will conclude during the next 12 months. On July 4, 2025, the U.S. signed into law the One Big Beautiful Bill Act, which included various provisions specific to busin esses. The legislation has multiple effective dates, with certain provisions effective in Fiscal 2026 and others implemented in subsequent years. The Company has reflected the impact of the enacted provisions in its financial statements for the second quarter of Fiscal 2026, which were determined to be immaterial. During the six months ended September 2025, the amount of net unrecognized tax benefits and associated intere st decreased by $ 3.3 million to $ 322.3 million. Management believes that it is reasonably possible that the amount of unrecognized income tax benefits and interest may decrease during the next 12 months by approximately $ 139.4 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $ 136.2 million would reduce income tax expense. NOTE 15 — REPORTABLE SEGMENT INFORMATION VF's President and CEO is the Company's CODM. The Company's individual global brands, or in certain cases the combination of global brands, have been determined to be operating segments. The operating segments have been evaluated and aggregated into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance. In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland ® brand is managed and the CODM's key areas of focus. VF began managing its Timberland ® and Timberland PRO ® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face ® brand in the Outdoor reportable segment and the Vans ® , Kipling ® , Eastpak ® and JanSport ® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an "All Other" category. This group includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands. Results for the "All Other" category are included as a reconciling item between the Company's reportable segments and its consolidated results of operations and assets. Reportable segment results for all prior periods have been recast to reflect the change in reportable segments. These changes had no impact on previously reported consolidated results of operations. VF Corporation Q2 FY26 Form 10-Q 22 Table of Contents Below is a description of VF's reportable segments and the brands included within each: REPORTABLE SEGMENT BRANDS Outdoor - Outdoor apparel, footwear and equipment The North Face ® Timberland ® Active - Active apparel, footwear and accessories Vans ® Kipling ® Eastpak ® JanSport ® All Other - included in the tables below for purposes of reconciliation of revenues, profit and assets, but it is not considered a reportable segment. "All Other" includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands. The primary financial measures used by the CODM to assess performance and allocate resources to VF's segments are segment revenues and segment profit. Segment profit comprises the operating income (loss) and other income (expense), net line items of each segment. Segment revenues and segment profit are regularly reviewed by the CODM and compared against historical results, forecast and budget information in order to make decisions about how to allocate capital and other resources to each segment. Corporate costs (other than common costs allocated to the segments), goodwill and indefinite-lived intangible asset impairment charges and net interest expense are not controlled by segment management and therefore are excluded from the measurement of segment profit. Common costs such as information systems processing, retirement benefits and insurance are allocated from corporate costs to the segments based on appropriate metrics such as usage or employment. Corporate costs that are not allocated to the segments consist of corporate headquarters expenses (including compensation and benefits of corporate management and staff, certain legal and professional fees and administrative and general costs), costs of corporate programs or corporate-managed decisions, and other expenses which include a portion of defined benefit pension costs, development costs for management information systems, costs of registering, maintaining and enforcing certain of VF’s trademarks and miscellaneous consolidated costs. Defined benefit pension plans in the U.S. are centrally managed. The current year service cost component of pension cost is allocated to the segments, while the remaining pension cost components are reported in corporate and other expenses. Segment assets are those used directly in or resulting from the operations of each business, which are accounts receivable and inventories. Segment assets included in the "All Other" category represent accounts receivable and inventory balances related to the brands included within the "All Other" category as noted above and segment assets included in the "Corporate and other" category represent receivable balances primarily related to corporate activities, and both are provided for purposes of reconciliation as they are not considered reportable segments. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM at the segment level. Financial information for VF's segments is as follows: Three Months Ended September 2025 (In thousands) Outdoor Active Total Reportable segment revenues $ 1,663,479 $ 760,750 $ 2,424,229 "All Other" revenues 378,477 Total revenues 2,802,706 Less: Cost of goods sold 822,350 324,366 Marketing expenses 119,990 64,196 Other SG&A expenses 423,058 306,974 Other segment items (a) 2,659 534 Segment profit 300,740 65,748 366,488 Corporate and other expenses ( 95,672 ) Interest expense, net ( 46,209 ) "All Other" profit 43,674 Income from continuing operations before income taxes $ 268,281 (a) For each reportable segment, 'Other segment items' includes certa in foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (e xpense), net line item in the Consolidated Statement of Operations. 23 VF Corporation Q2 FY26 Form 10-Q Table of Contents Three Months Ended September 2024 (In thousands) Outdoor Active Total Reportable segment revenues $ 1,566,722 $ 824,536 $ 2,391,258 "All Other" revenues 366,690 Total revenues 2,757,948 Less: Cost of goods sold 783,343 335,465 Marketing expenses 104,793 74,695 Other SG&A expenses 400,976 320,927 Other segment items (a) 528 2 Segment profit 278,138 93,451 371,589 Corporate and other expenses ( 138,238 ) Interest expense, net (b) ( 42,688 ) "All Other" profit 39,892 Income from continuing operations before income taxes $ 230,555 (a) For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations. (b) Interest expense and the related interest rate swap im pact for the DDTL, which totale d $ 16.2 million fo r the three months ended September 2024, were allocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme. Six Months Ended September 2025 (In thousands) Outdoor Active Total Reportable segment revenues $ 2,475,945 $ 1,460,437 $ 3,936,382 "All Other" revenues 626,990 Total revenues 4,563,372 Less: Cost of goods sold 1,208,427 623,135 Marketing expenses 191,581 117,313 Other SG&A expenses 821,611 598,254 Other segment items (a) 4,144 851 Segment profit 258,470 122,586 381,056 Corporate and other expenses ( 200,232 ) Interest expense, net ( 87,329 ) "All Other" profit 48,193 Income from continuing operations before income taxes $ 141,688 (a) For each reportable segment, 'Other segment items' incl udes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other inco me (expense), net line item in the Consolidated Statement of Operations. VF Corporation Q2 FY26 Form 10-Q 24 Table of Contents Six Months Ended September 2024 (In thousands) Outdoor Active Total Reportable segment revenues $ 2,320,352 $ 1,601,270 $ 3,921,622 "All Other" revenues 605,386 Total revenues 4,527,008 Less: Cost of goods sold 1,184,919 665,592 Marketing expenses 171,182 142,017 Other SG&A expenses 759,589 628,730 Other segment items (a) 589 ( 15 ) Segment profit 205,251 164,916 370,167 Corporate and other expenses ( 253,757 ) Interest expense, net (b) ( 83,635 ) "All Other" profit 32,327 Income from continuing operations before income taxes $ 65,102 (a) For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations. (b) Interest expense and the related interest rate swap im pact for the DDTL, which totale d $ 31.1 million fo r the six months ended September 2024, were allocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme. (In thousands) September 2025 March 2025 September 2024 Segment assets: Outdoor $ 2,454,730 $ 1,552,908 $ 2,367,478 Active 894,891 860,128 911,778 All Other 370,102 507,223 616,577 Corporate and other 17,770 28,429 7,282 Total segment assets 3,737,493 2,948,688 3,903,115 Cash and cash equivalents 419,115 429,382 492,164 Property, plant and equipment, net 688,478 720,879 755,802 Goodwill and intangible assets, net 2,096,460 2,314,093 2,426,628 Operating lease right-of-use assets 1,347,097 1,262,319 1,313,030 Other assets 1,818,974 1,702,175 1,737,915 Assets held-for-sale 536,507 — — Assets of discontinued operations — — 1,590,984 Consolidated assets $ 10,644,124 $ 9,377,536 $ 12,219,638 Three Months Ended September Six Months Ended September (In thousands) 2025 2024 2025 2024 Depreciation and amortization: Outdoor $ 26,147 $ 24,171 $ 52,121 $ 48,559 Active 12,943 13,569 26,321 27,675 All Other 7,332 5,268 12,274 10,558 Corporate and other 23,380 18,763 43,448 39,604 $ 69,802 $ 61,771 $ 134,164 $ 126,396 25 VF Corporation Q2 FY26 Form 10-Q Table of Contents NOTE 16 — EARNINGS PER SHARE Three Months Ended September Six Months Ended September (In thousands, except per share amounts) 2025 2024 2025 2024 Earnings per share – basic: Income from continuing operations $ 189,765 $ 202,509 $ 73,357 $ 50,482 Weighted average common shares outstanding 390,648 389,044 390,336 388,892 Earnings per share from continuing operations $ 0.49 $ 0.52 $ 0.19 $ 0.13 Earnings per share – diluted: Income from continuing operations $ 189,765 $ 202,509 $ 73,357 $ 50,482 Weighted average common shares outstanding 390,648 389,044 390,336 388,892 Incremental shares from stock options and other dilutive securities 3,338 1,901 2,707 1,306 Adjusted weighted average common shares outstanding 393,986 390,945 393,043 390,198 Earnings per share from continuing operations $ 0.48 $ 0.52 $ 0.19 $ 0.13 Outstanding stock options and other potentially dilutive securities of 15.6 million and 16.1 million shares were excluded from the calculations of diluted earnings per share for the three and six-month periods ended September 2025, respectively, and 13.1 million and 15.9 million shares were excluded from the calculations of diluted earnings per share for the three and six-month periods ended September 2024, respectively, because the effect of their inclusion would have been anti-dilutive to those periods. In addition, 2.6 million and 2.3 million shares of performance-based RSUs and RSUs with a TSR component were excluded from the calculations of diluted earnings per share for the three and six-month periods ended September 2025, respectively, and 2.4 million and 1.6 million shares were excluded from the calculations of diluted earnings per share for the three and six -month periods ended September 2024, respectively, because these units were not considered to be contingent outstanding shares in those periods. NOTE 17 — FAIR VALUE MEASUREMENTS Financial assets and financial liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities, or (iii) information derived from or corroborated by observable market data. • Level 3 — Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability. VF Corporation Q2 FY26 Form 10-Q 26 Table of Contents Recurring Fair Value Measurements The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis: Total Fair Value Fair Value Measurement Using (a) (In thousands) Level 1 Level 2 Level 3 September 2025 Financial assets: Cash equivalents: Money market funds $ 25,186 $ 25,186 $ — $ — Time deposits 62,817 62,817 — — Derivative financial instruments 21,746 — 21,746 — Deferred compensation and other 83,868 83,868 — — Financial liabilities: Derivative financial instruments 94,367 — 94,367 — Deferred compensation 78,510 — 78,510 — Contingent consulting fees 5,564 — — 5,564 Total Fair Value Fair Value Measurement Using (a) (In thousands) Level 1 Level 2 Level 3 March 2025 Financial assets: Cash equivalents: Money market funds $ 79,485 $ 79,485 $ — $ — Time deposits 12,280 12,280 — — Derivative financial instruments 34,371 — 34,371 — Deferred compensation and other 78,769 78,769 — — Financial liabilities: Derivative financial instruments 30,003 — 30,003 — Deferred compensation 75,046 — 75,046 — Contingent consulting fees 23,900 — — 23,900 (a) There w ere no transfers amon g the levels within the fair value hierarchy during the six months ended September 2025 or the year ended March 2025. The following table presents the activity related to the contingent consulting fees designated as Level 3: (In thousands) Three Months Ended September 2025 Six Months Ended September 2025 Beginning Balance $ 2,861 $ 23,900 Cash payments — ( 20,000 ) Change in fair value 2,703 1,664 Ending Balance $ 5,564 $ 5,564 VF’s cash equivalents include money market funds and time deposits with maturities within three months of their purchase dates, that approximate fair value based on Level 1 measurements. The fair value of derivative financial instruments, which consist of foreign exchange forward contracts and interest rate swap contracts (through their settlement in the three months ended December 2024), is d etermined based on observable market inputs (Level 2), including spot and forward exchange rates for foreign currencies and interest rate forward curves, and considers the credit risk of the Company and its counterparties. VF’s deferred compensation assets primarily represent investments held within plan trusts as an economic hedge of the related deferred compensation liabilities. These investments primarily include mutual funds (Level 1) that are valued based on quoted prices in active markets. Liabilities related to VF’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments. During the second quarter of Fiscal 2025, VF entered into a contract with a consulting firm to support Reinvent, VF's transformation program. Fees related to this contract could be up to $ 146.0 million, which includes $ 71.0 million of fixed fees and $ 75.0 million of contingent fees tied to increases in VF's stock price. The contingent fees are accounted for under Accounting Standards Codification Topic 718 — Stock Compensation ("ASC 718") as a liability award to a non-employee. Accordingly, VF has utilized the Monte Carlo valuation model 27 VF Corporation Q2 FY26 Form 10-Q Table of Contents (Level 3) to estimate the fair value of the award at its inception, and will adjust such fair value on a quarterly basis over the measurement period, which concludes on June 30, 2027. Changes in the fair value are recognized in the SG&A expenses line item in the Consolidated Statements of Operations over the relevant service period. The valuation includes the effects of market conditions that are based upon VF's stock price performance relative to stock price targets and a minimum payout dependent on the Standard & Poor's 500 Index return and VF's TSR versus that of peer companies over the measurement period. During the six months ended September 2025, $ 20.0 million of contingent fees were paid to the consulting firm. As of September 2025, the total fair value of the remaining contingent fees wa s $ 6.7 million, with $ 2.7 million and $ 1.7 million recognized in the three and six months ende d September 2025, respectively. As of September 2024, the total fair value of the remaining contingent fees was $ 30.7 million, with $ 13.6 million recognized in both the three and six months ended September 2024. All other significant financial assets and financial liabilities are recorded in the consolidated financial statements at cost, except life insurance contracts which are recorded at cash surrender value. These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities. At September 2025 and March 2025, their carrying values approximated their fair values. Additionally, at September 2025 and March 2025, t he carrying values of VF’s long-term debt, including the current portio n, wer e $ 4,128.1 million and $ 3,966.2 million, respectively, compared with fair values of $ 3,842.2 million and $ 3,628.8 million at those respective dates. Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings. NOTE 18 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Summary of Derivative Financial Instruments All of VF’s outstanding derivative financial instruments at September 2025 are foreign currency exchange forward contracts. Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes. The notional amounts of all outstanding foreign currency exchange forward contracts we r e $ 3.1 billion at September 2025, March 2025 and September 2024, consisting primarily of contracts hedging exposures to the euro, British pound, Chinese renminbi, Canadian dollar, Swiss franc, Mexican peso, Taiwan dollar, Polish zloty, Swedish krona, South Korean won and Japanese yen. These derivative contracts have maturities up to 20 months. During the three months ended December 2024, VF settled interest rate swap contracts that were in place to hedge the cash flow risk of interest payments on the variable-rate DDTL Agreement. The DDTL was prepaid on October 4, 2024. The notional amount of VF's outstanding interest rate swap contracts was $ 500.0 million at September 2024. The following table presents outstanding derivatives on an individual contract basis: Fair Value of Derivatives with Unrealized Gains Fair Value of Derivatives with Unrealized Losses (In thousands) September 2025 March 2025 September 2024 September 2025 March 2025 September 2024 Derivatives Designated as Hedging Instruments: Foreign exchange contracts $ 21,428 $ 32,608 $ 15,846 $ ( 93,577 ) $ ( 29,847 ) $ ( 53,621 ) Interest rate contracts — — 324 — — — Total derivatives designated as hedging instruments 21,428 32,608 16,170 ( 93,577 ) ( 29,847 ) ( 53,621 ) Derivatives Not Designated as Hedging Instruments: Foreign exchange contracts 318 1,763 275 ( 790 ) ( 156 ) ( 948 ) Total derivatives $ 21,746 $ 34,371 $ 16,445 $ ( 94,367 ) $ ( 30,003 ) $ ( 54,569 ) VF Corporation Q2 FY26 Form 10-Q 28 Table of Contents VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table: September 2025 March 2025 September 2024 (In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative Liability Gross amounts presented in the Consolidated Balance Sheets $ 21,746 $ ( 94,367 ) $ 34,371 $ ( 30,003 ) $ 16,445 $ ( 54,569 ) Gross amounts not offset in the Consolidated Balance Sheets ( 12,336 ) 12,336 ( 13,592 ) 13,592 ( 8,282 ) 8,282 Net amounts $ 9,410 $ ( 82,031 ) $ 20,779 $ ( 16,411 ) $ 8,163 $ ( 46,287 ) Derivatives are classified as current or noncurrent based on maturity dates, as follows: (In thousands) September 2025 March 2025 September 2024 Derivative Instruments Balance Sheet Location Foreign exchange contracts Other current assets $ 18,608 $ 32,290 $ 12,988 Foreign exchange contracts Accrued liabilities ( 88,490 ) ( 19,810 ) ( 44,300 ) Foreign exchange contracts Other assets 3,138 2,081 3,133 Foreign exchange contracts Other liabilities ( 5,877 ) ( 10,193 ) ( 10,269 ) Interest rate contracts Other current assets — — 324 Cash Flow Hedges VF primarily uses foreign currency exchange forward contracts to hedge a portion of the exchange risk for its forecasted sales, inventory purchases, operating costs and certain intercompany transactions, including sourcing and management fees and royalties. The Company also used interest rate swap contracts to hedge against a portion of the exposure related to its interest payments on its variable-rate debt, which was prepaid on October 4, 2024. The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations are summarized as follows: (In thousands) Gain (Loss) on Derivatives Recognized in Accumulated OCL Three Months Ended September Gain (Loss) on Derivatives Recognized in Accumulated OCL Six Months Ended September Cash Flow Hedging Relationships 2025 2024 2025 2024 Foreign exchange contracts $ 20,842 $ ( 54,203 ) $ ( 110,448 ) $ ( 34,702 ) Interest rate contracts — ( 232 ) — 288 Total $ 20,842 $ ( 54,435 ) $ ( 110,448 ) $ ( 34,414 ) (In thousands) Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) Three Months Ended September Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) Six Months Ended September Cash Flow Hedging Relationships Location of Gain (Loss) 2025 2024 2025 2024 Foreign exchange contracts Revenues $ 545 $ ( 7,851 ) $ ( 1,426 ) $ ( 12,182 ) Foreign exchange contracts Cost of goods sold ( 863 ) ( 4,001 ) 14,171 ( 14,127 ) Foreign exchange contracts SG&A expenses ( 250 ) ( 47 ) ( 511 ) ( 455 ) Foreign exchange contracts Other income (expense), net 1,074 53 1,550 ( 3 ) Interest rate contracts Interest expense 27 27 54 54 Interest rate contracts Loss from discontinued operations, net of tax — 1,134 — 2,299 Total $ 533 $ ( 10,685 ) $ 13,838 $ ( 24,414 ) 29 VF Corporation Q2 FY26 Form 10-Q Table of Contents Derivative Contracts Not Designated as Hedges VF uses foreign currency exchange contracts to manage foreign currency exchange risk on third-party and intercompany accounts receivable and payable, as well as third-party and intercompany borrowings and interest payments. These contracts are not designated as hedges, and are recorded at fair value in the Consolidated Balance Sheets. Changes in the fair values of these instruments are recognized directly in earnings. Gains or losses on these contracts largely offset the net transaction losses or gains on the related assets and liabilities. In the case of derivative contracts executed on foreign currency exposures that are no longer probable of occurring, VF de-desig nates these hedges and the fair value changes of these instruments are also recognized directly in earnings. The impact of de-designated derivative contracts and changes in the fair value of derivative contracts not designated as hedges, recognized as gains or losses in VF's Consolidated Statements of Operations were not material for the three and six months ended September 2025 and September 2024. Other Derivative Information At September 2025, accumulated OCL incl uded $ 60.1 million of pre-tax net deferr ed losses for foreig n currency exchange contracts that are expected to be reclassified to earnings during the next 12 months. The amounts ultimately reclassified to earnings will depend on exchange rates in effect when outstanding derivative contracts are settled. Net Investment Hedge The Company has designated its euro-denominated fixed-rate notes, which represented € 2.0 billion in aggregate principal as of September 2025, as a net investment hedge of VF’s investment in certain foreign operations. Because this debt qualified as a nonderivative hedging instrument, foreign currency transaction gains or losses of the debt are deferred in the foreign currency translation and other component of accumulate d OCL as an offset to the foreign currency translation adjustments on the hedged investments. During the three and six-month periods ended September 2025, the Company recognized an after -tax gain of $ 4.3 million and an after-tax loss of $ 130.1 million, respectively, in other comprehensive income (loss) related to th e net investment hedge transaction and an after-ta x loss of $ 64.8 million and $ 54.0 million for the three and six-month periods ended September 2024, respectively. Any amounts deferred in accumula ted OCL will re main until the hedged investment is sold or substantially liquidated. NOTE 19 — RESTRUCTURING The Company incurs restructuring charges related to strategic initiatives and cost optimization of business activities. A description of significant restructuring programs and other restructuring charges is provided below. Reinvent On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. All actions related to the program were substantially complete at the end of the first quarter of Fiscal 2026. Of the total charges, 74 % related to severance and employee-related benefits and the remainder primarily related to asset impairments and write-downs. Cash payments are generally expected to be paid within one year of charges incurred. During the six months ended September 2025, $ 49.9 million of cash payments related to the Reinvent charges were made. The type of cost and respective location of restructuring charges related to Reinvent within VF's Consolidated Statements of Operations for the three and six months ended September 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows: Three Months Ended September Six Months Ended September Cumulative Charges (In thousands) 2025 2024 2025 2024 Type of Cost Location Severance and employee-related benefits SG&A expenses $ 4,214 $ 8,158 $ 15,462 $ 19,299 $ 146,286 Severance and employee-related benefits Cost of goods sold ( 405 ) — 3,820 181 10,003 Contract termination and other SG&A expenses — — 326 737 1,063 Contract termination and other Cost of goods sold — — — 157 157 Asset impairments and write-downs SG&A expenses ( 30 ) — 2,170 500 50,339 Pension withdrawal SG&A expenses — 3,619 — 3,619 3,619 Curtailment gains Other income (expense), net — — ( 531 ) — ( 1,467 ) Accelerated depreciation SG&A expenses — 18 — 879 1,317 Accelerated depreciation Cost of goods sold 322 — 322 17 339 Total Reinvent Restructuring Charges $ 4,101 $ 11,795 $ 21,569 $ 25,389 $ 211,656 VF Corporation Q2 FY26 Form 10-Q 30 Table of Contents All restructuring charges related to Reinvent recognized in the three and six months ended September 2025 and 2024 were reported within 'Corporate and other' expenses in Note 15, Reportable Segment Information. Other Restructuring Charges Other Restructuring Charges are related to various approved initiatives. The type of cost and respective location of Other Restructuring Charges within VF's Consolidated Statement of Operations for the three and six months ended September 2025 and 2024 were as follows: Three Months Ended September Six Months Ended September (In thousands) 2025 2024 2025 2024 Type of Cost Location Severance and employee-related benefits SG&A expenses $ 788 $ — $ 788 $ — Contract termination and other SG&A expenses — 154 — 591 Total Other Restructuring Charges $ 788 $ 154 $ 788 $ 591 Other Restructuring Charges by reportable segment were as follows: Three Months Ended September Six Months Ended September (In thousands) 2025 2024 2025 2024 Active $ 331 $ — $ 331 $ — Corporate and other 457 154 457 591 Total 788 154 788 591 Consolidated Restructuring Charges The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the six-month period ended September 2025 was as follows: (In thousands) Severance Other Total Accrual at March 2025 $ 65,250 $ 337 $ 65,587 Charges 20,070 — 20,070 Cash payments and settlements ( 49,983 ) — ( 49,983 ) Adjustments to accruals ( 16 ) ( 337 ) ( 353 ) Impact of foreign currency 737 — 737 Accrual at September 2025 $ 36,058 $ — $ 36,058 The $ 36.1 million total restructuring accrual at September 2025, is expected to be paid within the next 12 months and is classified within accrued liabilities. The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2025 or prior periods. NOTE 20 — CONTINGENCIES On September 12, 2025, a securities complaint was filed on behalf of a purported class in the U.S. District Court for the District of Colorado against VF Corporation and certain members of management. VF believes the allegations in the complaint are entirely without merit and VF will be vigorously defending against them. At this time, the outcome of this matter remains uncertain. NOTE 21 — SUBSEQUENT EVENT On October 27, 2025, VF's Board of Directors declared a quarterly cash dividend of $ 0.09 per share, payable on December 18, 2025 to stockholders of record on December 10, 2025. 31 VF Corporation Q2 FY26 Form 10-Q Table of Contents